PROPERTY MARKET REPORT 2012
Malaysia recorded 427,520 property transactions in 2012 with a combined worth of RM142.84 billion. Comparatively, there were 430,403 deals during the previous year with a collective value of RM137.83 billion, according to latest report from the Finance Ministry.
This translates to a 0.7 percent drop in transaction numbers, although overall value climbed by 3.6 percent.
“As in previous years, the residential sub-sector continues to lead the market activity, contributing 63.8 percent of the total market,” said Finance Ministry Secretary-General Datuk Seri Mohamad Irwan Serigar Abdullah.
In fact, 272,669 residential transactions with a combined worth of RM67.76 billion were seen last year.
Moreover, the data from the Finance Ministry revealed that transactions involving lower priced properties had declined.
Specifically, sales of houses priced from RM25,000 to RM150,000 dipped between 3.5 percent and 8.3 percent, while sales of homes costing from RM200,000 to RM250,000 slid by 2.5 percent.
Meanwhile, units costing RM250,000 and RM500,000 saw the highest demand, capturing 49,515 transactions or the biggest market share (18.2 percent). Sales of luxury homes priced over RM500,000 also continued to grow, rising to 26,484 transactions last year against 21,905 in 2011.
Overall, houses comprised the lion’s share of the market (82.9 percent). In particular, 99,381 terraced units changed hands last year, or 36.4 percent of all the residential deals.
Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com